The hefty funding injection will power major changes in Brisbane, as well as other venues around the state.
“I know, as a Sydneysider, the difference that a Games can make, and here in Queensland, this will consolidate this great city as a global city, as a global powerhouse,” Albanese said in a press conference alongside Premier Annastacia Palaszczuk.
The federal government is set to contribute just over $3.4 billion to the funding package.
The Queensland government will fund a $2.7 billion redevelopment of the Gabba while the Federal Government will provide $2.5 billion for the Brisbane Arena development.
Sixteen new or upgraded venues will receive close to $1.87 billion in co-funding on a 50-50 basis between the two governments.
Asked why the cost for the Gabba renovation had risen, Palaszczuk said increased costs for commodities were affecting such projects around the world.
“This is about changing the landscape of Brisbane, but it is also about the connectivity with the Cross River Rail as well,” she said.
The Brisbane Live will debut as a “drop-in swimming pool” that can also be removed to double as a live entertainment venue.
Other upgraded venues will range around the state, including Cairns and Toowoomba.
“You will see more and more events attracted to this great state of Queensland, not just here in the south-east, but right throughout the state,” Albanese said.
Palaszczuk said “80 per cent” of the infrastructure needed to host the Olympics was already in place.
She said they would not seek any further funding from the International Olympics Committee.
“This is about the future,” she said.
Albanese said Australia was part of the “fastest-growing region in the world”.
“I see this as being very important in sending that message in projecting the positive image of Queensland to our north, but indeed, to the world as well,” he said.
Brisbane won the bid for the 2032 Summer Olympics and Paralympics in 2021.
It will be the third Australian city to host the event, after Melbourne in 1956, and Sydney in 2000.
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